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AUSTRALIANS FEAR FINANCIAL INSECURITY AT RETIREMENT
According to recent research from the Financial Planning Association of
Australia (FPA), 51 per cent of Generation X fear they won't have enough
money at retirement, compared to 40 per cent of Baby Boomers.
The study also found that 63 per cent of Australians did not have a
fnancial plan and around 25 per cent had never sought professional fnancial
advice when making fnancial and retirement-focused decisions.
The FPA's 'Dare to Dream' research surveyed over 1,000 Australian Baby
Boomers (1946--1964), Generation X (1965--1979) and Generation Y (1980--
1994), and revealed four distinct fnancial personality types:
• Poker master – more willing to take substantial risks for signifcant gains
(12 per cent of respondents -- 46 per cent female, 54 per cent men)
• Movers and shakers – willing to take calculated risks for signifcant
gains and focused on saving for the future (33 per cent of respondents
-- 40 per cent women and 60 per cent men)
• Rule keepers – likes playing it safe by taking minimal to zero fnancial
risk (40 per cent of respondents -- 61 per cent women and 31 per cent
men)
• Easy riders -- often spontaneous about spending money and life to play
it safe and keep fnancial risk to a comfortable minimum (15 per cent of
respondents -- 52 per cent are women and 48 per cent are men).
The survey found that 43 per cent believe Generation Z (currently aged
7–21) will be fnancially worse off than their own generation, with nearly
half of respondents attributing this to the cost of living being higher than
previous generations expected.
Respondents also suggested that Generation Z spend more money on
travel and entertainment than older generations, and that the lack of housing
affordability will be another barrier to wealth.
SURVEY EVALUATES RETIREMENT ADEQUACY
Research conducted by Willis Towers Watson and The University of
Melbourne--projecting the retirement income for 11,815 persons aged 25 to
64--has found that while investment markets performed strongly from 2010
to 2014, there has not been corresponding improvements in the projected
retirement income adequacy for all groups, especially for couples.
Findings from the 2014 recent Household, Income and Labour Dynamics in
Australia (HILDA) survey shows only 51 per cent of couples and 37 per cent
of singles surveyed are on track to have a comfortable level of retirement
income, according to the ASFA Retirement Standard.
The new fndings shows a variation to the 2010 HILDA survey results which
had indicated 53 per cent of couples and 23 per cent of singles surveyed
were on track to have a comfortable level of retirement income.
Researchers say the mixed results are due to the impact of changes to the
Age Pension assets test announced in the 2015 Federal Budget, which take
effect from 1 January 2017.
Superfunds September 2016